Business Debt Consolidation

Existing Debt

Total
Debt
Monthly
Payment
Months to
Payoff

Consolidation Loan

Total
Debt
Monthly
Payment
Months to
Payoff
Itemized Credit Card and Line of Credit Debt
Card/LOC Balance
Interest Rate
Monthly Payment
Card/LOC 1
Card/LOC 2
Card/LOC 3
Card/LOC 4
Card/LOC 5
Card/LOC 6
Total

Itemized Installment Loan Debt
Loan Balance
Interest Rate
Monthly Payment
Loan 1
Loan 2
Loan 3
Loan 4
Loan 5
Loan 6
Total

Debt consolidation loans allow businesses to transfer the account balances from credit cards, lines of credit or installment loans into a single loan and to make a single monthly payment. For debt consolidation loans to be beneficial, the repayment period for paying off the consolidation loan should be shorter than what it would be for your existing debts without the loan. Secondly, the interest that you pay over the repayment period should be less than what you would pay with your existing repayment periods. In some cases, a debt consolidation loan may look attractive because it has a significantly lower monthly payment than what you are paying today, but it is likely the case that the lower payment is due to extending the repayment of the loan over a much longer repayment period.